Provisions of section 16(3) of Wealth Tax Act, 1957. - Income Tax - 462/CBDT

INSTRUCTION NO. 462 /CBDT October 4, 1972 Section(s) Referred: 16(3) Statute: Wealth Tax Act, 1957 The Board desire to have information about the wealth-tax assessments pending in your charge for the assessment years 1968-69 and earlier years. 2. The Board further desire that you should ensure that all the pending wealth-tax assessments are completed within 4 years of the end of the assessment year in question and any such assessment which is kept pending beyond this period have your specific prior approval. Before according such approval you should satisfy yourself about the adequacy of the reasons for non-completion and steps should be taken to see that such assessments are completed as early as possible. 3. The information required in para 1 above may kindly be sent so as to reach the Board by 31st October,1972.